holidayStudent loans are a burden on a huge number of college graduates around the country, with the average student leaving college with $34,000 of student loan debt. This is far too much of a burden for most people just out of college, and with the job market still sluggish, many students are without jobs, or working for minimum wage. This barely allows many of them a living wage, let alone enough money to pay back debts. Over the holidays, everything seems to get even more expensive, making student loans more of a pain. Fortunately, there are some simple tips for managing your student loans:

Defer. If you can defer your loans, you will be able to either put them off or pay less each due date. This gives you some breathing room to pay your heating bill during the winter and to buy one or two Christmas gifts for friends and family.

Look at payment options. If you can work out a deal with your lender to pay back the money in smaller installments over a greater period of time, then you can more easily handle your payments. Many lenders are willing to work with their borrowers to get the money, as the alternative could be bankruptcy and the debts being discharged.

Take advantage of sales. At Christmastime, there are always a few sales to be had. Comb the ads and look for coupons for food or presents. Every little bit saved is a little bit that you don’t have to worry about for student loans.

By following these three tips and living according to a budget, you may find you are more than capable of managing your student loan debt.


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